PXG dropped all the way to $.30 today. Still $.30 more than its worth. I also understand one of the sideline investors Wells was counting on to step up has dropped out. The sideliner was only interested in purchasing clean assets where inventories were no more than a mix of 90% in-line and 10% slow moving; no closeouts and no non-saleables. At this time, the targeted inventory mix is not even close. PXG is still sitting on a sizable pile of dead inventory with no relief in site.

Also, Shudog's claim new items from Trotters and Softwalk look great and the lines are being supported by retailers is a bogus claim. My contact says the few retailers that are buying into some of the new product are doing so only if they are allowed to return their slow-moving, unsaleable old product. So it is a wash at best. Needless to say, 4Q/2009 is going to go down just like 4Q/08/07/06 with major losses due to year-end merchandise returns, off-price offers and end-of-season mark-down money. Pathetic.

The countdown begins on Monday. 45% and falling. PXG is toast.